Section 10 of ICA : Section 10: What Agreements Are Contracts

Explanation using Example

Imagine Rita wants to sell her laptop to Tim for Rs. 30,000. They both agree on the terms: Tim will pay the amount in two installments, and Rita will hand over the laptop after the first payment. They are both adults, capable of making decisions, and the sale is for a lawful purpose with a lawful object (the laptop). Neither of them is under any undue influence, fraud, or misrepresentation. This agreement meets the criteria under Section 10 of The Indian Contract Act, 1872, and therefore constitutes a valid contract.